The duel for control of RCS media group ends with Urbano Cairo's victory. The owner of La7 obtained 48,82% of adhesions to the takeover bid while the competing consortium, led by Andrea Bonomi, stopped at 37,72%. In the battle for control of the group that owns Corriere della Sera, the Rotelli family, which owns 3,48% of the capital through the Armonia holding company, has taken the decision to equally divide its share package between the Cairo takeover bid and Bonomi's takeover bid, according to rumors collected by Radiocor Plus. But the real battle, also played out in publicity shots in Corsera by the "historic" shareholders who will now pass into the minority, was fought above all on the Funds front. Which at the end of the day, sided with Cairo.
Based on preliminary data provided by Borsa Italiana the publisher of La7 he therefore managed not only to exceed the minimum threshold of 35% but to reach over 48,8% of the share capital of Rcs. Today alone, Friday 15 July, 0,18 million shares of the publishing group that controls il Corriere were contributed to the Cairo takeover bid (which offers an exchange rate of 0,15 and a cash portion of 139,8 euro) della Sera, equal to 26,8% of the share capital. A vast collection of securities deriving from investment funds and retail. According to an initial reconstruction, on Friday, Cairo bought 22.119.951 Rcs shares on the block, at the unit price of 1 euro, and equal to 4,24% of the capital. The entire package of shares purchased was transferred to the public takeover bid of Cairo Communication. Cairo already had 4,7% of RCS's capital in its portfolio.
The consortium International Media Holding collected 42,6 million RCS shares during the day, equal to 8,2% of the capital. By adding the share of Imh shareholders, equal to 22,6%, to the package of shares equal to 2,18% purchased for less than 1 euro by the five shareholders (Investindustrial, Della Valle, Mediobanca, Pirelli and UnipolSai), plus 12,9% of subscriptions in public offer, to reach 37,7% of the share capital. “I thank the shareholders who have placed their trust in International Media Holding, a company created with the aim of giving RCS new governance in the name of independence, stability and solidity. Unfortunately, today's numbers show that the competing offer has proved to be prevalent and in Cairo, I wish you all the best”. This is how Andrea Bonomi commented on the outcome of the two competing offers on RCS. "It is time now – he added – to think about the good of the company which I am sure, with the support of all its shareholders, will be able to achieve good results".
For Urbano Cairo the minimum target to be achieved was 35% of the capital (on Thursday evening it was at 22,03%), for the opposite side 30% already reached twenty-four hours after the closing of the offers.
The parties remain divided on the interpretation of the rules governing the non-prevailing offer. For the lawyer Sergio Erede, advisor in Cairo, the non-prevailing offer lapses and, as stated in article 44 paragraph 7 of the Issuers' Regulation, those who have adhered to the latter have five days to choose whether to migrate to the offer prevalent or recover titles. For Bonomi it must be Consob that expresses itself on the subject.
Monday the day of the final data – Monday 18 in the morning, by 7.59, the results are expected. Three days later, on 21 July by 7.59 am, the decisions of the two bidders on the conditions precedent will arrive, definitively sanctioning the winner.
